NJ CALA Finance Exam Questions With 100% Verified Answers.
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Course
Nj cala
Institution
Nj Cala
NJ CALA Finance Exam Questions With
100% Verified Answers.
Cash Basis Accounting - answerKeeping records that shows only income actually received
during a fiscal period and only expenses paid during a fiscal year.
*Record income when cash or check is received
*Record expense when check is writ...
NJ CALA Finance Exam Questions With
100% Verified Answers.
Cash Basis Accounting - answer✔Keeping records that shows only income actually received
during a fiscal period and only expenses paid during a fiscal year.
*Record income when cash or check is received
*Record expense when check is written
Accrual Basis Accounting - answer✔Keeping records that show all income earned during a fiscal
period even though it isn't received yet and all expenses incurred during a fiscal period even
though the expenses are not yet paid
*Record income when a bill is written
*Record expense when an order is placed
Double Entry Accounting - answer✔Recording of a debit and credit for each transaction
**Debits must always equal credits**
Debits - answer✔An entry made on the left side of the account
Credits - answer✔An entry made on the right side of the account
Journals - answer✔The organization's "books" where transactions are first recorded before
posting to the general ledger.
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